S&P rates DCP notes

S&P said it rated DCP Midstream Operating LP's announced senior unsecured notes BB+ in line with its other notes, because the notes will not add incremental debt and credit metrics will not be materially affected.

The recovery rating is 3, indicating an expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in default.

DCP intends to use the notes to repay revolver borrowings.

The company’s BB+ issuer credit rating and stable outlook are unchanged, the agency said.

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